State–market–society alliance: The evolving nature of the '21st century developmental state'

Abstract

While mainstream economics since the 1980s has been largely characterized by neo-liberal ideology, the past decade witnessed the rise of nationalism and protectionist policies globally. The latest COVID-19 pandemic has further refocused attention on the crucial roles played by effective states in protecting public welfare and a working economy. This literature review traces the 'developmental state' paradigm as it evolved from the classical developmental state model into the 21st-century developmental state.